nonfarm payrolls pink by 209,000 in June, below economists' expectations for an addition of 240,000 jobs. Although the numbers show a cooling job market, market watchers remain concerned that average hourly earnings growth has held steady at 0.4% since May and 4.4% since a year ago.
The report did not alter expectations of a 25 basis point rate hike by the US Federal Reserve at the next meeting, according to FedWatch. Tool. That kept US equity markets under pressure, with all three major indices falling for the week. The S&P 500 was down 1.16% and the Nasdaq was down 0.92%.
Another minor negative for crypto markets was a report from JPMorgan CEO Nikolaos Panigirtzoglou saying that a Bitcoin dot (BTC) exchange-traded fund (ETF) may not be a game-changer for the crypto space. Panigirtzoglou cites lackluster interest in spot Bitcoin ETFs in Canada and Europe as the reason for a possible low impact even in the US.
Could the bulls regroup and kick Bitcoin above the overhead resistance? If they do, select altcoins could join the top gear. Let's take a look at the charts of the top 5 cryptocurrencies that are showing signs of rising.
Bitcoin Price Analysis
Bitcoin remains stuck between the 20-day exponential moving average ($29,854) and the overhead resistance at $31,000. This suggests uncertainty between the bulls and the bears about the next directional move.
The BTC/USDT pair bounced off the 20-day EMA on July 7, indicating that the bulls continue to aggressively defend the level. The buyers will again attempt to break through the resistance at $31,500. If they succeed, the pair can start the next leg of the uptrend. The pair could first advance to $32,400 and then run towards $40,000.
The bears probably have other plans. They will try to protect the overhead resistance and pull the price below the $29,500 support. If this level gives way, short-term multi-bull stops can be reached. That could sink the pair to the 50-day simple moving average ($28,101).
The 4-hour chart shows that the pair is trading between $29,500 and $31,500. Generally, a tight range trade is followed by a range expansion, but it is difficult to predict the direction of the breakout with certainty. Therefore, it is better to wait for the price to break out of the range before placing large bets.
If the price breaks out of the 50-SMA, the bulls will try to push the pair above $31,500. If they manage to do that, the pair may start a new upward move. Conversely, a drop below $29,500 could initiate a correction towards $27,500.
Solana Price Analysis
sunny (SUN) has been trading in a wide range between $15.28 and $27.12 for the past few months. The failure of the price to break below the support of the range started a bullish move that broke above the downtrend line. This suggests that the bulls are attempting a comeback.
The moving averages have completed a bullish crossover and the RSI is close to overbought territory, indicating that the path of least resistance is to the upside. There is a minor resistance at $22, but if this level is crossed, the SOL/USDT pair can rally to $24 and ultimately the strong overhead resistance of $27.12.
On the downside, $18.70 is the important support to watch. A break and close below this level can open the doors for a possible drop to the strong support zone between $16.18 and $15.28.
Both moving averages are sloping up and the RSI is in the positive territory on the 4-hour chart. This suggests that the bulls are in command. However, the bears have not given up yet and have pushed the price towards the 20 day EMA.
If the price bounces hard off the 20-day EMA, the bulls will make one more attempt to clear the $22 hurdle. If they can pull it off, the pair can go up to $24.
The first sign of weakness will be a drop below the 20 day EMA. That will indicate short-term bulls booking for profit. Then the pair can slide towards the 50-SMA.
Avalanche Price Analysis
After struggling near the 50-day SMA ($12.99) for several days, the Avalanche (AVAX) successfully scaled the level on July 8.
The moving averages are close to completing a bullish crossover and the RSI has jumped into the positive territory. This suggests that the bulls have an advantage. The AVAX/USDT pair could rally to $16 where the bears can mount a strong defense again.
If further corrections find support at the 20-day EMA ($13), it will suggest the start of an upward move towards $18. The important support to watch on the downside is $12. A break below this level can drag the price to the vital support of $10.52.
The 4-hour chart shows that the price has risen above the symmetrical triangle pattern, indicating that the bulls are trying to take over. The bullish move can face selling near the stiff overhead resistance of $15, but the bulls are expected to buy dips to the 20-day EMA. If this support holds, the probability of a rally above $15 increases.
If the bears want to avoid the upside, they will have to quickly pull the price below the moving averages. That can trap aggressive bulls, resulting in a long sell-off. The pair can then slide towards the support line of the triangle.
Related: BlackRock ETF Shakes Up Bitcoin Buying in US as Research Says 'Down from Zero'
Filecoin Price Analysis
file currency (FIL) is trying to form an inverse head and shoulders pattern that will complete on a breakout and close above the neckline near $5.
The moving averages are about to complete a bullish crossover and the RSI is in positive territory. This indicates that the bulls have a slight advantage. The bulls will try to push the price to the neckline of the reversal pattern. If the bulls break out of this barrier, the FIL/USDT pair may start a new bullish move. The pattern target of this bullish setup is $7.30.
This positive view could be invalidated in the short term if the price breaks out and sustains below the moving averages. That could sink the pair to $3.5 and then $3.
The 4 hour chart shows that the pair is in a corrective phase, but the buyers are trying to push the price above the moving averages. If they manage to do that, it will suggest that the fix may be over. Afterwards, the pair can gradually rally towards the overhead resistance near $5.
Instead, if the price turns down from the moving averages and dips below $4.20, it will suggest that near-term sentiment remains negative and traders are selling rallies. That can bring the price to $4 and later to $3.60.
EOS Price Analysis
EOS (EOS) has been forming a higher and lower pattern, suggesting a possible short-term trend reversal.
The 20-day EMA ($0.73) has leveled off and the RSI is close to the midpoint, indicating that the selling pressure is easing. Buyers will have to push the price above the overhead resistance at $0.79 to signal that the downtrend may be ending. The EOS/USDT pair could then rally to $0.93.
Alternatively, if the price turns down from the overhead resistance, it will suggest that the bears remain active at higher levels. That could keep the pair range bound between $0.60 and $0.79 for longer.
The 4-hour chart shows that the pair has been gradually moving higher. If the buyers push the price above the 50 SMA, the pair can retest the overhead resistance at $0.79. If the bulls break through this barrier, the pair could skyrocket to $0.83 and eventually $0.90.
Contrary to this assumption, if the price turns down and breaks below the uptrend line, it will suggest that the bears are back in the driver's seat. Then the pair can fall to $0.67 and then to $0.64.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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